Active GST Services

GST Preparation/Lodgement:

Depending on your turnover this is a lodgement that needs to be done either every month or quarter and for a few only once a year, but it still needs to be done and it's where a lot of businesses get into a lot of trouble with debt and cash flow.  We will work with you to try and manage this so it is not a burden for your business.

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GST  - Goods and Services Tax

Goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. There are some items that do not have GST included.  We have listed some of these below. The list is only to be used as a guide and many GST issues are quite complicated. We suggest you speak with Alan Porter & Associates or at least a qualified tax accountant to ensure that you remain compliant.

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GST IMPLICATIONS

All businesses with a gross annual income of more than $75,000  are legally required to register for GST. and also complete a Business Activity Statement (BAS) on a monthly, quarterly or annual basis.

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GST LODGEMENT

There are different lodgement time frames based on your GST Turnover

•   Quarterly   -   GST turnover less than A$200M  

•   Monthly     -   GST turnover more than A$200M  

•   Annually    -   Voluntarily registered for GST  - GST turnover is under $75,000 ($150,000 NFP) 

 

CASH V ACCRUAL.

There are two methods for calculating GST  -  cash and accrual.

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Cash Accounting Method

In this method, you are required to record the actual money that you receive against that which you pay out in your business. The cost of your invoices is recorded on the date they are paid and payments received are recorded on the date you receive the funds - not on invoice dates.

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Accrual Accounting Method

Using the accrual accounting method expenses and sales are recorded when they take place - on invoice for debtors and creditors.  The accrual accounting method will show you the amount owed to you, and the amount you owe others.

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GST GUIDELINES

Knowing when to charge GTS and what you can claim under Australian Law can be complicated. The following list is only to be used as a guide . For an accurate guide please speak to a qualified accountant. Inaccurate GST claims and charges can result in heavy fines or an accrual of GST debt.

GST EXEMPT -  Guide only

• Most basic foods

• Some education courses, course materials and related excursions or field trips

• Some medical, health and care services

• Some menstrual products

• Some medical aids and appliances

• Some medicines

• Some childcare services

• Some religious services and charitable activities

• Supplies of accommodation and meals to residents of retirement villages by certain operators

• Cars for disabled people to use, when certain requirements are met

• Water, sewerage and drainage

• International transport and related matters

• Precious metals

• Sales through duty-free shops

• Grants of land by government

• Farmland

• International mail

• Exports

• Sales of businesses as going concerns

• Some telecommunications supplies

• Eligible emissions units.

 

Whether your books are up to date, or not, Alan Porter & Associates will get you up to date, and compliant and help you stay that way.